7.31B

(a) Exports/supplies made from the date of receipt of an application for an Advance Licence and Advance Licence for annual requirement by the licensing authority, may be accepted towards discharge of export obligation. If the application is approved, the licence shall be issued based on the input/output norms in force on the date of receipt of the application by the licensing authority in proportion to the provisional exports/ supplies already made till any amendment in the norms is notified. For the remainder of the exports, the Policy/ Procedures in force on the date of issue of the licence shall be applicable.

(b) The exports/supplies made in anticipation of the grant of an Advance Licence and Advance Licence for annual requirement shall be entirely on the risk and responsibility of the exporter.

(c) The conversion of duty free shipping bills to drawback shipping bills may also be permitted by the customs authorities in case the application for an Advance Licence is rejected or modified by the licensing authority.

Note: Advance Licence, unless otherwise stated, means Advance Licence for Physical Exports/ Intermediate Supply/ Deemed Exports.